Targeting GenZ, Millennials Essential In Metaverse: Nikhil Mathur, GfK

'Metaverse' is one of the year's biggest buzzwords, and it's taking now enveloping the world of GenZ and Millennials. Experts suggest that the early adopters of this technology will drive the market and usher in a new age for Metaverse brands.

"Consumers are transitioning from physical to virtual reality in their own workspace. The evolution of consumers is reaching the next level where new agendas are being added and they really evaluate what they are going to consume," comments Nikhil Mathur, Managing Director-India, Head of Data Partnership and Innovation-APAC, GfK.

Mathur explains that Metaverse is the leading disruption which is bringing in a great revolution among the present generation who are keen on adopting artificial intelligence, the Internet of Things, sensors, and Web 3.0-like technologies. He adds that consumers and brands go through three stages of adopting the technology—the first is leading the change, the second is adjusting to the change, and lastly, denial—that will eventually lead to adoption.

As virtual reality is going to be indispensable and pervasive in the next few years, applications like Snapchat, Facebook, and Microsoft have invested in the technology, and customers will be able to create a replica of the physical world with the unique features they offer.

He also mentions that the gaming, entertainment, automotive, lifestyle, and beverage industries are gearing up to adopt this technology in India. Although countries like the United States and China are at the forefront of embracing this technology. He also sheds light on how Daler Mehndi became the first Indian performer on the Metaverse and how Tanishq, as a brand, has launched its collection on it.

Giving some insights on the overall advertising sector, he says real-time analytics will be fundamental as the engagements will show if the ads are getting the required ROI or not. By utilising the blockchain services, the system will become more transparent, and this will enhance the trust of the customers in Web 3.0.

Mathur further suggests, "Brands should strive to deliver seamless experiences to customers as they make the transition from physical to virtual reality."

"It's not a question of if I get into the metaverse, but instead it's a question of when I get into the metaverse," he sums.